Canada’s consumer leverage growth will not end well

Canada’s consumer leverage growth will not end well

I wrote a comment in the reply section to the above article link, and it has gone missing, how sad is that! I will leave a similar comment here just to show you what even those who claim to be warning about debt problems, will hide from the public.

Credit card debt needs to be incentivized in the following manner...The higher the percentage of the monthly payment made  versus the total due, the lower the interest rate charge assessed for that month.

This is a sample chart for the credit card low interest rate incentive idea.

1. Pay 15% of the total due for that month, pay ZERO percent interest.
2. Pay 12% of the total due for that month, pay TWO percent interest.
3. Pay 10% of the total due for that month, pay THREE percent interest.
4. Pay 8% of the total due for that month, pay FOUR percent interest.
5. Pay 7% of the total due for that month, pay FIVE percent interest.
6. Pay 6% of the total due for that month, pay SIX percent interest.
7. Pay 5% of the total due for that month, pay SEVEN percent interest.
8. Pay 4% of the total due for that month, pay EIGHT percent interest.
9. Pay 3.0% of the total due for that month, pay TEN percent interest.
10. Pay 2.5% of the total due for that month, pay TWELVE percent interest.
11. Pay 2.0% of the total due for that month, pay FIFTEEN percent interest.

This percentage of the monthly minimum credit card incentive payment method would allow banks to address how their customers are doing overall. If the percentage of customers opting for the lowest percent of the total due payment, increases, then the economy is struggling. 

However, the incentivizing of lower interest rates for higher monthly minimum payments promotes responsible consumer stewardship of debt, and that should be the new goal going forward for the entire world.

Please consider viewing and then signing the Debt Neutrality Petition by clicking here.